2007 United Kingdom budget

2007 (2007) United Kingdom Budget
Presented 21 March 2007
Parliament 54th
Party Labour
Chancellor Gordon Brown
Total revenue £553 billion‡[1]
Total expenditures £587 billion‡[1]
Deficit £34 billion
Website Budget 2007 report

‡Numbers in italics are projections.

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The 2007 United Kingdom Budget, officially known as Budget 2007: Building Britain's long-term future: Prosperity and fairness for families, was formally delivered by Gordon Brown in the House of Commons on 21 March 2007. It would turn out to be Brown's last Budget as Chancellor of the Exchequer, becoming Prime Minister on 27 June 2007.

The main changes were that basic rate of income tax would fall from 22% to 20% from April 2008 and that the lower starter rate of 10% would be removed.[2] Vehicle excise duty on the highest-polluting vehicles would go up to £300 and to £400 from April 2008, with the least-polluting vehicles to have their duty reduced to £35.[2] The savings limit for Individual Savings Account contributions would be increased to £7,200 from April 2008.[2] The Inheritance Tax threshold would rise from £285,000 to £350,000 in 2010.[2]

Details

Taxes

Receipts 2007-08 Revenues (£bn)
Income Tax 157
National Insurance 95
Value Added Tax (VAT) 80
Corporate Tax 50
Excise duties 41
Council Tax 23
Business rates 22
Other 84
Total Government revenue 553

Spending

Department 2007-08 Expenditure (£bn)
Social protection 161
Health 104
Education 77
Debt interest 30
Defence 32
Public order and safety 33
Personal social services 28
Housing and Environment 22
Transport 20
Industry, agriculture and employment 21
Other 59
Total Government spending 587

Notes

External links


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